Heat shrinkable tubing has been in existence for many years. The use of heat shrinkable tubing, when properly formulated, provides a quick and economical method of covering various materials for a variety of purposes. For example, heat shrinkable tubing may be applied to a material for electrical insulation purposes, for protection against the elements, or to improve the feel of the material to the hand. Because of the wide variety of uses of such material there is an ongoing search for ways to improve the tubing itself, the manner in which it can be applied, improvement in its appearance, and its performance in the heat shrink operation. For example, it has been known that when applying heat shrinkable tubing to complex shaped articles containing many bends, expanded and depressed areas, the tubing can have a tendency to wrinkle upon shrinkage, particularly at the inside radius of curved portions of the article to be covered. In addition, the material from which these tubings are made, such as polyolefins, polyvinylidene fluoride, polytetrafluoroethylene, fluorinated ethylene propylene and resin modified polychloroprene, offer little or no cushioning effect, become brittle in cold weather and do not have very much flexibility. A further drawback to heat shrinkable materials of this type is their relatively high shrink temperatures, i.e. typically above 100.degree. C. Accordingly, any improvements in heat shrinkable tubing have the potential of opening up entire new areas of use for such articles.